Business news

• Man charged for using bots to stream AI-generated songs for $10M in royalties

  06-09-2024 23:39 via foxbusiness.com
  
  Federal authorities hit a North Carolina man with charges arising from allegations that he fraudulently earned streaming royalties through a scheme involving bots and AI-generated songs.  The man, identified by the U.S. Attorney’s Office for the Southern District of New York as Michael Smith, faces wire fraud conspiracy, wire fraud and money laundering conspiracy counts. His indictment was unsealed this week, according to a news release from the U.S. Attorney's Office.Author
  
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• Stocks sink after jobs miss, Trump-Harris tax plans, home retailer closing all stores

  06-09-2024 22:32 via foxbusiness.com
  
  U.S. hiring picked up in August but not as much as economists had forecasted.  Stocks sank for the week with September off to a rocky start for investors ahead of the Federal Reserve's meeting later this week. Deal danger: Both Alberstons and Kroger, as well as U.S. Steel and Nippon, are warning of consequences if the Biden administration blocks both mergers.Dueling tax plans: VP Kamala Harris vs. former President Trump. Amazon's Alexa is embroiled in controversy. Another ret
  
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• National Debt Tracker: American taxpayers (you) are now on the hook for $35,345,572,154,736.15 as of 9/6/24

  06-09-2024 22:24 via foxbusiness.com
  
  The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending.The national debt — which measures what the U.S. owes its creditors — rose to $35,345,572,154,736.15 as of September 5th, according to the latest numbers published by the Treasury Department. That is up about $1.7 billion from the figure reported the previous day.By comparison, just four decades ago, the national debt hovere
  
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• Kobe Bryant card, Star Wars toy sell for more than $1M at Goldin auction, plus other record breakers

  06-09-2024 21:38 via foxbusiness.com
  
  New Jersey auction company Goldin has noted some record-breaking sales during its most recent events.One highly anticipated auction item, a game-used Logoman patch card signed by Kobe Bryant, sold for a whopping $1,584,643 at the Goldin 100 auction.In a statement sent to Fox News Digital, Goldin founder and CEO Ken Goldin called this item "without a doubt one of the greatest Kobe Bryant cards ever made."RARE MICHAEL JORDAN CARD COULD FETCH $5M AT AUCTION: KEN GOLDIN REVEALS ‘100 BEST COLLE
  
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• Which industries hired the most workers in August?

  06-09-2024 21:07 via foxbusiness.com
  
  Job growth ticked up in August even though it fell short of economists' expectations as job losses in industries like manufacturing and retail partially offset other sectors' gains.Employers added 142,000 jobs in August, the Labor Department said in its monthly payroll report released Friday. That fell short of the 160,000 gain forecast by LSEG economists, while the unemployment rate ticked lower to 4.2%, in line with their projections.The construction industry saw notable employment gains in Au
  
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• Vet potential tenants who have applied to live in your rental property with these tips

  06-09-2024 20:00 via foxbusiness.com
  
  As a landlord, finding a reliable tenent to reside in your rental property, or rental properties, can be a stressful task. Asking for references, doing background checks and taking a look at finances can all contribute to finding a qualified candidate to rent your property. Through all stages of screening, from the online application, a phone call and maybe even an in-person talk, it is of upmost importance to ensure that, as a landlord, you are following all local, state and federal h
  
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• Unified opposition to Nippon-US Steel takeover is misguided: economists, Pittsburgh officials

  06-09-2024 19:59 via foxbusiness.com
  
  While both former President Trump and the Biden-Harris administration have voiced opposition to the proposed takeover of U.S. Steel by Japan-based Nippon, one top economic expert and a local Pittsburgh official said on Friday that many such concerns are unfounded."This is the best deal," said Sam DeMarco III, the GOP chair in Allegheny County, Pennsylvania, where U.S. Steel is based. The Biden-Harris administration has signaled a willingness to use executive powers to block the sale.The deal wou
  
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• Airlines such as American, United, Delta, face DOT investigation over rewards programs

  06-09-2024 19:19 via foxbusiness.com
  
  The Department of Transportation (DOT) launched an investigation into rewards programs at the four largest airlines over "potential unfair, deceptive, or anticompetitive practices." U.S. Secretary of Transportation Pete Buttigieg sent letters to American, Delta, Southwest and United Airlines requiring them to hand over records with detailed information about their rewards programs, practices and policies. The department is aiming to combat any deceptive or anticompetitive practices tha
  
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• Canada's unemployment rate rises to 6.6%, sparking concerns

  06-09-2024 19:17 via cbc.ca
  
  Canada's unemployment rate has climbed to the highest level seen since 2017, excluding the COVID era. It's just the latest economic indicator flashing red and puts yet more pressure on the Bank of Canada to accelerate rate cuts.
  
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• 7-Eleven parent rejects acquisition proposal from Canada-based convenience store giant

  06-09-2024 19:02 via foxbusiness.com
  
  Seven & i on Friday declined the preliminary proposal that Alimentation Couche-Tard made last month to acquire the Japanese corporate parent of the 7-Eleven convenience store chain.The decision was a "unanimous" one from Seven & i’s board based on a unanimous recommendation of the special committee that the company put together to weigh the proposal, Chairman Stephen Dacus wrote in a letter.Couche-Tard, whose brands include Couche-Tard, Circle K and Ingo, had proposed spending $14.
  
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• US on the 'pathway' toward another world war, Gen. Jack Keane warns

  06-09-2024 17:00 via foxbusiness.com
  
  The U.S. is treading on ground not seen since World War II, according to Fox News senior strategic analyst and retired four-star Gen. Jack Keane, who warned that "we're on a pathway" to a third world war. His comments come amid conflicts in the Middle East and Europe and growing tension in the Pacific, and echoes former President Trump's warning that the U.S. is "heading into World War III territory." Keane told FOX Business' Stuart Varney that he does not "react to candidates' comment
  
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• Brazil v Musk: Judge overreach is first salvo in global battle on free speech, activist says

  06-09-2024 15:55 via foxbusiness.com
  
  The showdown between Elon Musk and Brazilian Supreme Court Justice Alexandre de Moraes represents a threat to free speech that could impact other countries if not taken seriously, an activist told Fox News Digital. "When you have a justice that can say who is able to have a profile or not … this is the big threat that X didn't want to follow," Izabela Patriota, the director of development of the Ladies of Liberty Alliance and head of its Brazil section, argued."Now, he's threatening
  
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• Red Lobster cleared to exit Chapter 11 bankruptcy protection

  06-09-2024 15:39 via foxbusiness.com
  
  Red Lobster was cleared to exit bankruptcy several months after financial woes compelled the seafood restaurant chain to close dozens of locations and file for Chapter 11.Part of the blame was being placed on the chain's endless shrimp promotion.On Thursday, Red Lobster Management LLC, which owns and operates the restaurant chain, received court approval of its Chapter 11 plan, which includes being acquired by RL Investor Holdings LLC, an entity backed by Fortress Investment Group.  The acq
  
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• Surge of foreign-born workers remake American jobs market

  06-09-2024 15:07 via foxbusiness.com
  
  A surge of both legal and illegal immigration under the Biden-Harris administration is drastically changing the general makeup of the U.S. jobs market.The major uptick in the immigrant workforce has helped ease labor shortages but, at the same time, has pushed up the jobless rate among foreign-born workers and the overall workforce. Figures from the Congressional Budget Office (CBO) show that the U.S. has seen a net gain of more than 9 million immigrants s
  
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• Canada's unemployment rate rose in August amid tough summer job market

  06-09-2024 14:59 via cbc.ca
  
  Canada's unemployment rate increased to 6.6 per cent in August as students continued to face a difficult summer hiring season.
  
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• US economy added 142,000 jobs in August, missing expectations

  06-09-2024 14:33 via foxbusiness.com
  
  U.S. job growth picked up in August but missed economists' expectations, while the unemployment rate was little changed.The U.S. Department of Labor on Friday reported that employers added 142,000 jobs in August, compared to the 160,000 gain that was projected by LSEG economists.The unemployment rate also dipped slightly to 4.2%, in line with expectations, after it had unexpectedly risen to 4.3% in July, which was the highest level for the jobless rate since October 2021.The number of jobs added
  
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• LL Flooring, hardware store once known as Lumber Liquidators, to close all 400 stores in bankruptcy proceeding

  06-09-2024 14:32 via foxbusiness.com
  
  National retailer LL Flooring, previously known as Lumber Liquidators, has announced it is getting out of business after 30 years following a failed effort to find a buyer just weeks after filing for bankruptcy.The Richmond, Virginia-headquartered firm, which had 442 nationwide stores open until recently, says it will permanently shutter after negotiations with multiple bidders did not result in an offer, the company announced on its website. The company said last month it had already initiated
  
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• China makes request to WTO in its dispute over Canadian EV and steel tariffs

  06-09-2024 12:22 via cbc.ca
  
  China has submitted a request to Canada for consultation at the World Trade Organization on additional tariffs it has imposed on Chinese electric vehicles as well as steel and aluminum products, the Commerce Ministry in Beijing said on Friday.
  
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• Why Gen Z surpassing boomers at work is troubling for managers: 'Age of authority is dropping'

  06-09-2024 12:00 via foxbusiness.com
  
  Gen Z has a bad reputation for being the most "difficult" generation to work with, and reports say they're slated to take over the workforce by outpacing the number of baby boomers by the end of the year.What does that mean for bosses? A 2023 survey from ResumeBuilder found that 49% of business leaders and managers identified the group as difficult to work with most or all the time and a majority agreed Gen Z — or Zoomers — lack effective communication skills, motivation, effort
  
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• US job market in 'bad shape,' executive recruiter says

  06-09-2024 12:00 via foxbusiness.com
  
  Economists largely agree that the labor market is "cooling," but one recruiting industry veteran says that is a significant understatement.Brian Howard is the founder and president of the Howard Group, a boutique search firm located in Overland Park, Kansas, that has been in business for more than 30 years, which companies hire to recruit candidates in an array of white-collar positions. He said the job market is in "bad shape."Howard told FOX Business in an interview that he noticed signs
  
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• More than a third of holiday shoppers' will spend less this year than in 2023

  06-09-2024 12:00 via foxbusiness.com
  
  Americans are already thinking about the holidays and how they intend spend money this year, and for many it means spending less, according to Bankrate.In a recently-published survey of 2,300 U.S. adults, Bankrate said it found 33% of holiday shoppers reported they planned to not spend as much this year as 2023. Consumer caution around spending and credit cards could be driving that, according to H Squared Research chief research officer Hitha Herzog."There’s a real convergence of sho
  
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• Doctors draw attention to safety issues associated with popular weight-loss drugs

  06-09-2024 12:00 via foxbusiness.com
  
  The demand for highly sought-after weight-loss drugs continues to rise. However, as more patients embrace this trend, doctors are cautioning them about potential side effects.Anti-obesity medications "exert potent effects throughout the body, particularly the gastrointestinal tract," according to gastroenterologist and obesity medicine specialist Dr. Christopher McGowan. Because of these effects, close supervision, monitoring and medical oversight are "critical for all patients," McGowan to
  
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• Independent pharmacy market faces challenges, stores closing across the country

  06-09-2024 11:52 via foxbusiness.com
  
  Independent pharmacies are closing across the country, making it harder for people to access potentially important medications. Today, 46% of U.S. counties are considered pharmacy deserts, meaning people have to drive more than 15 minutes to reach the nearest pharmacy from their homes, according to GoodRx Health. The farther away a pharmacy is from where someone lives, the less access they have to affordable, in-stock medications, and it can be harder for a doctor to refill a prescript
  
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• Mark Cuban warns taxing unrealized gains will 'kill the stock market,' insists Harris won't actually do it

  06-09-2024 03:30 via foxbusiness.com
  
  Billionaire Mark Cuban acknowledged that Vice President Kamala Harris' plan to tax unrealized capital gains would "kill the stock market," while insisting that she won't go through with it as dubious CNBC hosts pushed back in a contentious interview Thursday.Cuban joined CNBC's "Squawk Box" on the phone to discuss his support for Harris, revealing that he regularly communicates with her campaign to advise on economic issues.The interview took a turn when Cuban was asked about the Biden administr
  
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• LARRY KUDLOW: Donald Trump gave an optimistic, pro-growth, aspirational speech

  06-09-2024 00:07 via foxbusiness.com
  
  Donald Trump gave an optimistic, pro-growth, aspirational speech on the success that could happen in his second term. That is the subject of the riff.  Speaking to the New York Economic Club, former President Trump delivered an optimistic, pro-growth, aspirational speech, and it amounted to a call for American renewal. That's how I saw it.  He began with the promise of low taxes, low regulations, low energy costs, lower interest rates, secure borders, low crime and surgi
  
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• Social Security crisis: Beneficiaries face 21% benefit cut without reforms, says CFRB

  06-09-2024 00:03 via foxbusiness.com
  
  A new report finds that Social Security recipients face a 21% cut when a crucial trust fund that's on pace to be depleted in 2033 runs dry and that neither of the leading contenders in this year's presidential election has articulated a plan to stabilize the program.The nonpartisan Committee for a Responsible Federal Budget (CRFB) noted in its report that Social Security is currently paying more in benefits than it receives in payroll taxes, which is depleting the reserves in the Old-Age and Sur
  
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